Aziz is $41$ years old. He is married to Alia and has $2$ children aged $6$ and $9.$

Aziz is a deputy head teacher at a local school and earns $50,000$ before tax, national insurance or contributions to the Teachers' Pension Scheme.

When he was only $23,$ he inherited some property from his grandparents. The property was run down at the time he inherited it and was valued at only $30,000.$ Aziz borrowed $40,000$ to renovate and improve the property. He subsequently took out a Buy to Let mortgage to buy the property next door and converted the original loan. He now has a property portfolio with a value of $180,000$ which gives him a current yield of $8\%$ and which has a mortgage of $60,000$ secured on it$.$

The mortgage secured on the properties is interest only at $9\%$ and is due for repayment in $5$ years' time.

Aziz pays his household bills and living expenses from his salary, but he has little left over and has only $10,000$ in savings.

Aziz has come to see you to ask about his options for replaying his loan at the end of the term.

You also ascertain that his wife is not currently employed, but spends much of her time managing the property portfolio. His father is $73$ and was widowed some years ago, he is in poor health. He lived overseas for many years and does not have any significant savings. Aziz would like his children to go to private school from age $11,$ but is not sure if this will be possible.

Required:

What recommendations would you make to improve his financial position?

Specifically, what should he do about the BTL mortgage?

You should also consider what additional information you may require.

Note $-$ there is no 'correct' answer to this case study $-$ but it is an opportunity for you to look at how different areas overlap.

You have access to all of the internet to allow you to answer this, but you will need to think beyond the obvious.